ITAT Rejects AO’s Demand for Third-Party Documents; Section 68 Addition Deleted

Jay Kundan Bhatt Vs DCIT (ITAT Mumbai)

Section 68 Cannot Tax Past-Year Figures; Third-Party Books Not Required from Assessee—Identity & Genuineness Already Proved

Assessee’s assessment u/s 143(3) resulted in additions of Rs.22,45,300 u/s 68 towards unsecured loans, including Rs.6,45,300 being difference in loan balance with his father, Shri Kundan Bhatt. Tribunal noted from ledger accounts  & earlier assessment orders (AYs 2017-18 to 2019-20) that the same difference of Rs.6,45,300 was repeatedly added in past y

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